1. (a) A county or municipality may issue bonds to finance loans made through a program.
2. (b) To issue a bond, a county or municipality shall adopt an ordinance or a resolution that specifies the maximum principal amount of the bond.

3. (c) In the ordinance or resolution, the county or municipality may:

   1. (1) specify the items listed in subsection (d) of this section;
   2. (2) authorize the finance board of the county or municipality to specify those items by ordinance or resolution; or
   3. (3) authorize the chief executive to specify those items by executive order.

4. (d) For each issuance of a bond, the county or municipality may specify:

   1. (1) the principal amount;
   2. (2) the interest rate or, for floating or variable rates of interest, the method to determine the interest rate;
   3. (3) the manner and terms of sale, including whether by competitive or negotiated sale;
   4. (4) the time of execution, issuance, and delivery;
   5. (5) the form and denomination;
   6. (6) the source, manner, times, and places to pay principal or interest;
   7. (7) conditions for redemption before maturity;
   8. (8) the purposes for which proceeds may be spent;
   9. (9) the source of security; and
   10. (10) other provisions that are necessary or desirable to effect the program.

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.